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So far Jess has created 385 blog entries.

EIA to the rescue

The OPEC+ impasse has taken the wind out of oil bulls’ sails this week amid speculation that the current production cuts agreement could collapse. And sure enough, Brent and WTI were on track for another bad day at the office yesterday after falling to their lowest level in about three weeks. However, a bullish EIA [...]

2021-07-09T08:46:20+00:00July 9th, 2021|

The OPEC+ comedown

At face value, OPEC+ inaction should be bullish for crude prices in the short term. After all, the oil market is facing an even bigger deficit than previously anticipated. This narrative was on full display in the early part of yesterday as oil prices continued to hit fresh multi-year highs. Brent came within touching distance [...]

2021-07-07T08:32:55+00:00July 7th, 2021|

A very public spat

The US Independence Day is usually associated with quiet trading on the international oil bourses. Not this time. Maybe the writing was already on the wall at the end of last week that the OPEC+ meeting will end without an agreement. To refresh our memory, member countries supported a production increase of 400,000 bpd between [...]

2021-07-06T09:07:19+00:00July 6th, 2021|

Delaying the inevitable

Brent and WTI surged by more than $2/bbl to fresh three-year highs yesterday as the market waited for a decision from OPEC+ on future production levels. Oil bulls lapped up rumours that the producer alliance was close to agreeing on a deal to ease supply cuts by around 2 mbpd between August and December. Prices, [...]

2021-07-02T08:34:57+00:00July 2nd, 2021|

Back in control

The performance of the recent past suggests that the validity of the current uptrend will not be questioned just because prices fall one or two days. For the last eight months the market has hardly ever registered three consecutive daily losses and this observation is fitting this week, too. Monday’s sell-off was followed by renewed [...]

2021-07-01T08:24:28+00:00July 1st, 2021|

Holding steady

Oil prices finished yesterday largely flat as the Covid-19 football match went into extra time. A spate of fresh outbreaks of the Delta variant across the Asia-Pacific region provided a stark reminder that it is too early to declare victory against the virus. Several countries are battling to contain the spread of the variant, which [...]

2021-06-30T07:39:58+00:00June 30th, 2021|

$76/bbl and counting

Another week, another step towards $80 oil. The energy complex continued its move higher with Brent breaking above $76 on Friday and traded to levels last seen back in November 2018. US crude markets also look bullish, as they have held onto the $72 level with ease. With sentiment running high, market watchers said crude [...]

2021-06-28T09:38:27+00:00June 28th, 2021|
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